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The discussion between Vladimir Putin and Alexander Mikhailov concerned the industrial and agro-industrial sectors, as well as in healthcare and education. Special consideration was given to efforts to reduce the regional budget’s numerous debts.

Vladimir Putin with Kursk Region Governor Alexander Mikhailov.

Alexander Mikhailov told Vladimir Putin that the gross regional product has soared 2.2-fold since 2001–2002, with fixed-capital investment volumes increasing 3.5-fold since the early 2000s. The industry has been posting a 3–5 percent annual growth over the last 12 years. The region implements innovation and import substitution projects. In all, 41 industrial innovation projects are currently being implemented. The region is building the Kursk-2 reserve nuclear power station.

The agro-industrial sector grew by 12.1 percent last year on 2015 and has posted a 6.5 percent growth between January and August of 2017 on the same period of 2016. The region ranks among the six best Russian regions in terms of volumes of grain production and is the second-largest meat producer nationwide. This year, the region will harvest over five million tons of beets and between 500,000 and 520,000 tons of sugar beet. The region is ready to export agricultural produce including the plant-growing sector.

Alexander Mikhailov - Kursk Region Governor.

Regarding the social sector, the region implemented a program for the sustained development of rural areas accounting for 35 percent of its population. The number of villages with 1,000 residents and more has increased. This means that such villages now have schools, good roads, power stations, plus cultural and healthcare facilities. The region has a proactive farming sector, with 1,340 farms posting an impressive and sustained performance.

Alexander Mixailov at the meeting with President of Russia.

Speaking on the subject of the social sector, the Governor underscored that the region would achieve parameters stipulated by the President’s May 2012 Executive Orders before the year is out.

Vladimir Putin during meeting with Kursk Region Governor.

They also discussed in great detail the consequences for Kursk Region of a proposed program to support regional finances, linked with the need to reduce the massive debts of regional budgets. Mr. Mikhailov noted cooperation with the Ministry of Finance on this issue and the efforts to replace commercial loans with budget loans that carry lower interest rates.

Agriculture Minister Alexander Tkachev updated the President on the launch of a new system of subsidised loans for agricultural producers and the situation in agriculture.

President of Russia Vladimir Putin:

Good afternoon.

Mr. Tkachev, in the recent period we have discussed our farmers’ performance often and with pleasure. There is reason to congratulate them on their performance: although the year-end results are not available yet, we know that growth in the industry exceeded 4 percent in January through November.

Agriculture Minister Alexander Tkachev:

Yes, the growth rate was over 4 percent. Thank you for taking note of this, just as you did throughout the year. We appreciate this, considering the unprecedented scale of government assistance. We waited for this for a long time, and now there are incentives in nearly all segments. The results include a 4 percent growth and the largest harvest in Soviet and Russian history – 119 million tons. It is a big achievement.

Other achievements include farmers’ revenues, which result in new projects, higher standards of living, new technologies, production growth, and the like. Once again, thank you for this.

Vladimir Putin:

We also wanted to talk about lending.

Alexander Tkachev:

That is right. As per your instruction, we have launched an unprecedented system of subsidized loans this year. The interest rate for investment and short-term loans must not exceed 5 percent. It can be lower, like 1 or 2 percent, but 5 percent is the maximum. This will definitely boost construction projects in agricultural industry and the processing sector, like new dairy and pig farms. This will radically transform the situation in national agriculture.
Vladimir Putin:

What is the amount?

Alexander Tkachev:

Around 23 billion rubles. I would like to report that Rosselkhozbank has already started issuing loans as it was the first to prepare. Of course, we are counting on other banks to take an active part.

We have never seen such cheap and accessible loans with such long terms. We are eliminating all red tape. This will give a serious boost to construction, investment and new projects.

Vladimir Putin:

What is the selection process?

Alexander Tkachev:

Selection is the banks’ responsibility. The Agriculture Ministry prioritizes the industries that require support. Projects with secured funding and projects with repayable funds that are interesting, competitive and technology-intensive will be supported on a top-priority basis.

Vladimir Putin:

It is always necessary to assess the economic feasibility but we need to minimize bureaucracy.

Alexander Tkachev:

Trust me, Mr. President, I come from a rural area myself and I know what is involved, so we are minimising indeed. The key point is that we are saving regional funds. There is no need to subsidies the loans from the regional budget. Previously, the regions provided quite sizeable amounts to subsidise loans issued by banks. Now there are only federal subsidies, which means the regions can use the budget funds for other purposes, including farming.